The Treasury has confirmed that Gertjan Vlieghe has been appointed for another term as an external member of the Bank of England’s interest rate setting Monetary Policy Committee (MPC).

It will mean extending his term until 2021, with his new term set to start in September 2018.

Mr Vlieghe was first appointed to the role in 2015, after serving as a partner and senior economist at Brevan Howard Asset Management and a bond strategist at Deutsche Bank.

He also held a number of posts at the Bank of England between 1998 and 2005, including a stint as an economic assistant to former Bank Governor Mervyn King.

Chancellor Philip Hammond said: “Dr Vlieghe has provided a valuable and effective contribution to monetary policy through his deep understanding of the UK economy.

“I am therefore pleased that he will continue to share this expertise as a member of the Monetary Policy Committee”.

Bank of England Governor Mark Carney also welcomed Mr Vlieghe’s re-appointment, saying he was a “hugely valued colleague” on the MPC.

“Our deliberations on the Committee have benefited from his rigorous analysis and carefully argued contributions. I am delighted he has been re-appointed to serve another three years on the Committee.”

Mr Vlieghe is one of nine voting members on the interest rate setting committee, which is set to issue its next decision on Thursday, February 8.